Dogecoin Gains 100% in a Week: Is $1 in Sight After Historic Gains?
Key Takeaways:
- Meme coins see impressive gains, but caution is urged amid speculative trading.
- Dogecoin historically rallies with sharp corrections, suggesting patience is key.
- Analysts hint at potential highs, predicting possible further gains for DOGE.
Meme coins have taken the crypto market by storm over the past week, delivering some of the most significant gains for traders. Leading the pack, Dogecoin (DOGE) surged by 105%, followed closely by PEPE at 100%, WIF and BONK both climbing 83%.
Santiment data reflects that meme coins have outperformed most other assets in returns, yet it also signals a rise in speculative social dominance.
Greed and impulsive trading behaviour are prominent, with meme-related discussions dominating platforms like X, Reddit, Telegram, 4Chan, and BitcoinTalk. This trend, though profitable, often implies emotional trading, making caution essential for those diving into these assets.
Dogecoins Historic Patterns Show Corrections Are Inevitable
Dogecoin had recently gained significant interest and was getting closer to a probable parabolic run. That cryptocurrency had enjoyed quite exceptional gains in the past bull markets, whereby Dogecoin surged 9,470% in 2017 and an astonishing 30,700% in 2021.
These were indeed parabolic ascents, not without their ouch moments: at one point in 2017, DOGE corrected up to 84% and over 50% in 2021. This, therefore, has been the typical hallmark of Dogecoins historical trading behaviour, which was sharp gains followed by corrections.
While DOGE roared in its new surge, a slip reminded us that corrections are the course of nature. And for those who want to survive the volatile journey of DOGE, patience and adherence could be one way out.
DOGEs Potential for New Highs as Momentum Builds
Adding to the cheer, influential crypto voices are suggesting that it could have room to push even higher. According to Crypto Kaleo-a historical cycle in Dogecoin could indicate it is at the very beginning of another big impulse move that will take it to new all-time highs. DOGE also appears to follow a pattern of rallying around 200 days after each Bitcoin halving, then tacking on notable gains in price.
The cyclical pattern, added to the current momentum, has some analysts speculating on a target of $1.00 or more, drawing parallels with the previous rallies of DOGE. This projection is highly speculative, though, and underlines that one needs to be strategically cautious amid the hype.
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Read more: https://www.tronweekly.com/dogecoin-gains-100-in-a-week-is-1-in-sight/
Text source: TronWeekly
